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​AUD/USD, GBP/USD confirm medium-term uptrends while USD/JPY slips

​​​AUD/USD, GBP/USD confirm medium-term uptrends as key resistance is breached while USD/JPY slips.​​

Dollar Source Getty Images

​​​AUD/USD breaks through key resistance

AUD/USD break through and daily chart close above the $0.6644 to $0.6667 key resistance zone confirms a medium-term bullish reversal with the $0.685 being back in play.

​Because of inverse polarity the $0.6667 to $0.6644 previous resistance area has become a support zone.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

​GBP/USD surges ahead

GBP/USD break through the March-to-May tentative downtrend line and daily chart close above the $1.2635 early May high confirms the medium-term bullish reversal we have alluded to over the past few weeks. The $1.29 region is thus back in sight.

​Potential slips on Thursday should find support around the early May high at $1.2635.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

​USD/JPY comes off

USD/JPY topped out at this week's ¥156.78 high with the 55-day simple moving average (SMA) at ¥152.52 and the ¥151.87 to ¥151.72 support zone being back in sight.

​Minor resistance sits at Wednesday's ¥154.70 low.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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